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CBS
Dec 28, 2012 4:30am PST
. they're not -- you know, they are waiting to see what's going to happen with the "fiscal cliff." >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching
CBS
Dec 31, 2012 4:30am PST
-called "fiscal cliff." talks briefly hit a, quote, major setback on sunday over social security benefits according to a democratic source. but both sides agreed to push forward. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> reporter: vice president joe biden is apparently that person for senate minority leader mitch mcconnell. top level sources say the two are taking over talks. if nothing is resolved by midnight, tax rates for all americans will increase and democrats say it means about $2,000 for the average middle class family. >> one mom said to me in michigan, that's four months groceries. that's commuting back and forth to work and gas for up to three years. i mean, that's a lot of money. >> reporter: democrats want higher taxes on families earning $250,000 a year and over. republicans want tax rates to stay where they are. taxes seem to be the biggest obstacle to a compromise but others want to government -- others want to see government spending put in check. >> the president is doing nothing about the addiction that his administration, he is the spender in chief. >> reporter: president obama says he is willing to do that. >> i offered over a trillion dollars in additio
CBS
Jan 1, 2013 4:30am PST
from the "fiscal cliff." there is still no guarantee they went take the plunge. cbs reporter tara mergener joins us live from washington with the work that still needs to be done. >>> reporter: good morning, frank and grace. as of midnight eastern time, we were technically over the "fiscal cliff." now, as you said, congress, the senate, rather, did pass a scaled-back version. but it's setting the substantial now for a showdown in the house. >> reporter: in the early- morning hours of new year's day, the senate began voting on a bill to avoid the so-called "fiscal cliff." >> the bill as amended is passed. >> reporter:
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